Summary of Key Points Core Viewpoint - This week, three new stocks are available for subscription in the A-share market, including Beikang Testing, Hengkang New Materials, and Nanguang Digital, each representing different sectors of the economy [1]. Group 1: Beikang Testing - Beikang Testing's issue price is 6.7 yuan per share, with a single account subscription limit of 1.2744 million shares [2]. - The company is a leading domestic service provider in the field of non-ferrous metal inspection and testing, involved in various areas such as mineral resource testing, technical services, and high-end analytical instrument development [2]. - Projected revenues for Beikang Testing from 2022 to 2024 are 92 million yuan, 110 million yuan, and 148 million yuan, with net profits of 32 million yuan, 46 million yuan, and 55 million yuan respectively [3]. Group 2: Hengkang New Materials - Hengkang New Materials has a single account subscription limit of 10,500 shares, requiring a minimum market value of 105,000 yuan in the Shanghai market for maximum subscription [5]. - The company focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic firms capable of developing and mass-producing critical materials for 12-inch integrated circuit wafers [5]. - Revenue projections for Hengkang New Materials from 2022 to 2024 are 322 million yuan, 368 million yuan, and 548 million yuan, with net profits of 101 million yuan, 90 million yuan, and 97 million yuan respectively [7]. Group 3: Nanguang Digital - Nanguang Digital has a single account subscription limit of 47,500 shares, with a top subscription requiring a market value of 475,000 yuan in the Shenzhen market [9]. - The company provides comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform for power grids [9]. - Revenue forecasts for Nanguang Digital from 2022 to 2024 are 5.686 billion yuan, 4.234 billion yuan, and 6.09 billion yuan, with net profits of 653 million yuan, 377 million yuan, and 570 million yuan respectively [10].

Core Insights - The article highlights the significant progress of domestic companies in the semiconductor industry, particularly in the localization of key materials for integrated circuits, with Hengkun New Materials Technology Co., Ltd. being a key player in this field [1][3]. Group 1: Company Overview - Hengkun New Materials is one of the few innovative companies in China that integrates research and production capabilities in the field of key materials for 12-inch integrated circuit wafer manufacturing [1]. - The company has successfully filled several technological gaps in the domestic market, becoming a crucial force in promoting the localization of key materials for integrated circuits in China [1][3]. Group 2: Product and Market Position - Hengkun New Materials focuses on critical processes in integrated circuit wafer manufacturing, supplying essential materials for advanced NAND, DRAM storage chips, and logic chips below the 90nm technology node [3]. - The company has achieved mass production and supply of various photolithography materials, including SOC, BARC, and i-Line photoresists, effectively replacing foreign counterparts and breaking the foreign monopoly in the 12-inch integrated circuit key materials market [3][4]. Group 3: Competitive Performance - In 2023, Hengkun New Materials ranked first in the domestic market for its main photolithography materials, SOC and BARC, reflecting high industry recognition of its product quality and technological strength [4]. - The company has made significant progress in advanced process materials, with BARC for immersion lithography achieving mass production, supporting domestic integrated circuit manufacturers in advancing to higher technology nodes [4]. Group 4: Research and Development - Hengkun New Materials maintains a forward-looking strategy by increasing R&D investment and developing a series of core technologies and new products, including ArF photoresists and silicon-based precursor materials [5]. - The ArF immersion photoresist has completed customer validation and has begun small-scale sales, filling a domestic technological gap and breaking the foreign monopoly in advanced photoresist materials [5]. Group 5: Financial Performance - The company has shown robust and rapid growth, with revenues projected to reach 322 million yuan, 368 million yuan, and 548 million yuan from 2022 to 2024, respectively [6]. - The sales revenue from self-produced products has significantly increased, with a compound annual growth rate of 66.89% from 2022 to 2024, indicating strong market competitiveness and production capacity [6][7]. Group 6: Future Outlook - With the further promotion of advanced products like ArF photoresists and the expansion of domestic wafer manufacturing capacity, Hengkun New Materials is expected to solidify its leading position in China and enter the global market for key materials in integrated circuits [7]. - The company aims to contribute to the autonomous, safe, and efficient development of China's integrated circuit industry, marking a new chapter in the localization of key materials for domestic chips [7].